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As part of continuing efforts to boost transparency by multinational enterprises (MNEs), Canada, Iceland, India, Israel, New Zealand and the People’s Republic of China signed today the Multilateral Competent Authority agreement for the automatic exchange of Country-by-Country reports (“CbC MCAA”), bringing the total number of signatories to 39 countries. The signing ceremony took place in Beijing, China.

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Iceland has the 13th lowest tax wedge among the 34 OECD member countries in 2015. The country occupied the same position in 2014. The average single worker in Iceland faced a tax wedge of 34% in 2015 compared with the OECD average of 35.9%.

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The Global Forum on Transparency and Exchange of Information for Tax Purposes (referred to as "the Global Forum"), has released its peer review reports for Belize, Finland, Iceland, Nauru, Poland, Portugal, Sweden and Turkey.